Cake sales crumble

Finsbury Food Group blamed rising costs and a factory closure for hitting sales last year.

revenues dipped 3.4pc to £303.6m in the year to June 30 after the cake and bread maker was forced to shut its lossmaking Grain D’Or pastry factory, which saw 250 jobs lost. The London bakery was shut after it lost contracts to make croissants, pain au chocolat and other pastries for two supermarkets.

Finsbury’s bakery division grew 2.8pc compared to a year earlier but its overseas business and the closure of factories hit overall sales.